Lowering its carbon footprint has always been a priority for the Singapore government, which recently passed its Carbon Pricing Bill to reduce carbon emissions intensity by 36% between 2005 and 2036. A carbon footprint refers to the full quantity of greenhouse gases, or CO2 emissions that can be attributed to an individual, a plant, a company, a product or a whole economy, according to the International Energy Agency (IEA).

Although Southeast Asia hopes to make renewable energy 23% of its total primary energy by 2025, at present, its energy mix still consists largely of oil, coal and natural gas, according to the 2017 Southeast Asia Energy Outlook Report. One of the ways in which Southeast Asian governments have pushed for renewable energy use within the region is through the effective implementation of strategic tax policies.

Singapore announced a carbon tax in its 2018 Budget, last Monday, being the first country in Southeast Asia to do so.

After much speculation, the Singaporean government finally revealed this year’s budget for the country. In his speech, Singapore Finance Minister, Heng Swee Keat talked about three major shifts facing Singapore in the coming decade – a greater emphasis on Asia, the emerging of new technologies and an aging population. The budget that Heng Swee Keat presented featured some surprises as well as some already expected measures.